The Korean Upbit exchange is up to some very interesting activity again. I've previously written about a pattern of huge HIVE and HBD volume originating out of Korea and how to take advantage of those price spikes.
Today, HIVE is up over 50% and followed the same trend as prior spikes with it beginning around 9am in Korea.
What's a bit different this time is that it occurred only a week after the last spike. In 2021, these spikes were occurring once every four weeks and typically on the first Friday of the month.
Thankfully, I had bought back my HIVE after the last price increase and was able to liquidate most of it back into HBD to take advantage of these prices above $0.80 USD per HIVE. If this price spike is similar to the previous ones, we will likely see a slow drop in the price over the next week before it is spiked up again by massive volume on Upbit.
What is impressive about today's move in HIVE prices is that they are staying above the $0.80 level. This is a bit surprising and why I am holding off on moving all of my liquid HIVE into HBD just yet. In case there is another volume spike to push HIVE even higher, I want to be ready to take advantage of it.
This has proved a fairly reliable way to make profits with HIVE and so I regularly sell into these price spikes and then buy back into HIVE at lower prices as the volume subsides in subsequent days/weeks. The profits are usually about 25-50% on the way up.
How are you taking advantage of these wild moves in HIVE and HBD over the past weeks?